Year: 1996
Author: Göcke, Matthias
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 116 (1996), Iss. 1 : pp. 31–57
Abstract
Different concepts of hysteresis utilized in economics are compared. „Real" micro- and macroeconomic hysteresis occurs in the case of multibranch-nonlinearity, i.e. temporary exogenous shocks lead to switches between different „branches" of an entire relationship. The relation represented by a single currently valid branch is locally stable, but in the case of a branch-to-branch-transition a local structural instability occurs. Contrarily, persistence characteristics of dynamic systems of first order difference equations with unit-roots - called „quasi"-hysteresis - are shown to be based on a global indifference-instability of the system.
Journal Article Details
Publisher Name: Global Science Press
Language: Multiple languages
DOI: https://doi.org/10.3790/schm.116.1.31
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 116 (1996), Iss. 1 : pp. 31–57
Published online: 1996-01
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 27